Global Metal Caps and Closures Market Size to grow by US$ 86.2 Bn in 2030

Press Release

The metal caps and closures Market was valued at USD 65.2 Bn in 2021. The market is projected to grow USD 86.2 Bn in 2030, at a CAGR of 5.2%.

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The health and wellness trend is driving up consumer wine consumption, which is driving up the market for metal caps and closures. Organic wines are increasingly favoured as a mark of greater quality by modern consumers who are aware of the production and origin methods of wine. Metal caps with plastic interiors are used to package organic wines, and these metal caps with plastic inside produce a very tight seal over the bottle's whole mouth and neck, preserving the freshness. Furthermore, the metal caps and closures market is likely to be driven by the increased demand for wine among millennials. According to the 2022 State of the Wine Industry Report, millennials' wine consumption climbed from 18 percent in 2019 to 20% in 2020. A screw metal cap on a wine bottle is simple to use since it creates a tight seal that keeps oxygen out for a long time. It's also simple to open and close a metal screw cap. As a result of the aforementioned causes, the wine business is predicted to improve, which will help the metal caps and closures market grow.

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The screw caps segment has dominated the market share in 2020 owing to the due to majorly used cap among the world. Screw caps are the most secure for tamper-proofing and sealing wine and spirits since they are laid flat, wrapped around, and naturally formed on the bottle. The beverage segment is dominated the market share in 2020 owing to the beverage packaging is used to extend the shelf life of beverages while maintaining their taste and texture. New pack types like pouches and cartons are becoming more popular. The market for premium caps in the beverage sector is driven by beverage firms' quest for new differentiated closures. Non-alcoholic beverages can be sealed or packaged using many types of caps and closures.

Asia Pacific region is dominating the market share of global metal caps and closures market owing to the due to the high demand for beverages in this region, as well as low manufacturing costs compared to other regions such as North America and Europe. Two densely populous countries, China and India, are present. The increase in disposable income in these two countries will augment the expansion of the metal caps and closures industry. The number of microbreweries in India has increased from 20 to 120 in the last five years, according to the Craft Brewers Association of India. Such changes are projected to increase demand for environmentally friendly packaging solutions in the business. However, North America region is anticipated to grow over the next few years of global metal caps and closures market owing to customer preference towards conveniently packaged products. Since a decade, carbonated soft drinks have dominated the North American region. Population among the region are becoming more health-conscious and focusing on water, flavored drinks, and juices. The sale of juices and healthy drinks surged as a result of this transition, which benefited the caps and closure industry.

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KEY INDUSTRY DEVELOPMENTS:

July 2019 - Growpacker Inc., a contract manufacturer of THC- and CBD-infused edibles in the United States, announced to launch its patent-pending Cannasafe, a child-resistant lid for aluminum cans containing THC-infused beverages.

April 2019 - Tapì and Thinfilm develop smart closures tackled counterfeiting in the wine and spirits industry. The OpenSense solution used detects when a closure seal was broken and alerts the consumer that the container or bottle may have been tampered with.

Read More Details On This Report: https://extrapolate.com/Retail/metal-caps-closures-market/25717